Peso steady, stocks fall amid COVID-19 concerns
On Friday, February 14, 2020, the Philippine peso ended the week stable at 50.56 against the US dollar, while stocks declined due to concerns over COVID-19.
BPI Research noted that foreign investors sold some holdings in local markets, contributing to the stock decline.
The PSEi dropped by 1.64%, or 121.12 points, closing at 7,282.00 points.
On Thursday, February 13, both the peso and stocks ended positively despite uncertainties about COVID-19's economic impact.
The peso closed stable at 50.5 against the US dollar, with BPI attributing gains to Fitch Ratings' positive outlook upgrade on the Philippines’ 'BBB' rating due to improved macroeconomic policies.
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